Weak demand, tighter lenders: Hong Kong property developers face tough 2024 [Yahoo! Finance]
HONG KONG&CHINA GAS S/ADR (HOKCY)
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Source: Yahoo! Finance
and office rentals, making creditors and investors cautious about developers' financial health. Some of Hong Kong's major banks have cut off fresh financing to the city's highly leveraged or weak property companies, four sources familiar with the matter said, forcing developers to seek more expensive loans in the private credit market. With the outlook for Hong Kong's once-thriving property market looking increasingly uncertain, many banks are also shrinking existing loans or asking developers to top up collateral, the sources said. As a result, funding costs are expected to increase, and given sluggish home sales and record high office vacancy rates, this year could be even more challenging for developers than last year. Investors don't expect Hong Kong developers to default like their counterparts in mainland China, but they don't see a sector rebound any time soon. They are cautious about the outlook, with the Hang Seng Property Index having plunged 30% in 2023, and off 6
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